VAALCO Energy Receives Continued Listing Standard Notice From NYSE
August 12 2016 - 6:45AM
VAALCO Energy, Inc. (NYSE:EGY) announced today that it had received
notification on August 9, 2016, from the New York Stock Exchange
(“NYSE”) that the price of the Company’s common stock has fallen
below the NYSE’s continued listing standard. The NYSE
requires that the average closing price of a listed company’s
common stock not be less than $1.00 per share for a period of over
30 consecutive trading days.
Under NYSE rules, the Company can avoid
delisting if, during the six month period following receipt of the
NYSE notice and on the last trading day of any calendar month, the
Company’s common stock price per share and 30 trading-day average
share price is at least $1.00. During this period, the
Company’s common stock will continue to be traded on the NYSE,
subject to compliance with other continued listing
requirements.
The NYSE notification does not affect the
Company’s business operations or its SEC reporting requirements and
does not conflict with or cause an event of default under any of
the Company’s material debt or other agreements.
The Company will be notifying the NYSE of its
intent to regain compliance with the NYSE continued listing
standards within the six-month period. The Company is
committed to working with the NYSE to regain compliance and
maintain the listing of its common stock.
Other Information
Certain statements in this news release
regarding future expectations and plans for future activities may
be regarded as “forward looking statements” within the meaning of
the Securities Litigation Reform Act. They are subject to various
risks, such as financial market conditions, changes in commodities
prices and costs of drilling and completion, operating hazards,
drilling risks, and the inherent uncertainties in interpreting
engineering data relating to underground accumulations of oil and
gas, as well as other risks discussed in detail in the Company’s
Annual Report on Form 10-K and other filings with the Securities
and Exchange Commission. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct.
VAALCO Energy, Inc. is a Houston-based
independent energy company principally engaged in the acquisition,
exploration, development and production of crude oil. The Company's
properties and exploration acreage are located primarily in Gabon,
Equatorial Guinea and Angola in West Africa.
Investor Contact
Al Petrie
Investor Relations Coordinator
713-543-3422
Vaalco Energy (NYSE:EGY)
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